Standard BioTools Inc. (NASDAQ: LAB) reported its financial results for the third quarter of 2024, showcasing progress in its integration with SomaLogic and efforts to drive operational efficiency.

For the three months ended September 30, 2024, the company posted revenue of $45 million, a 5% decrease compared to the same period last year. Despite the revenue decline, Standard BioTools saw improvement in its profitability metrics, with gross margin expanding to 51.7% from 42.5% in Q3 2023.

The company's net loss for the quarter narrowed to $26.9 million, representing a 34.6% improvement year-over-year. Additionally, adjusted EBITDA loss stood at $14.2 million, a 49.6% reduction compared to the third quarter of 2023.

According to Michael Egholm, President and Chief Executive Officer of Standard BioTools, the company's focus during the quarter was on driving commercial execution and enhancing overall operating efficiency through its Standard BioTools Business System (SBS). "Our team delivered sequential top-line improvement and a significant reduction in spend," Egholm stated.

Standard BioTools highlighted the realization of approximately $80 million in merger synergies with SomaLogic, which is expected to be fully realized in 2025. The company remains on track to achieve its break-even adjusted EBITDA target in 2026.

Looking ahead, Standard BioTools reiterated its full-year 2024 revenue guidance range of $170 million to $175 million. The company also noted its plans to invest in growth levers within its multi-omics portfolio and actively pursue strategic M&A opportunities to accelerate its mission of becoming a diversified leader in the life science tools industry.